CoreWeave’s latest quarterly report lists principal payments that add up to $15.0 billion from July 2026 through the end of 2028, by our arithmetic, according to its Form 10-Q for the quarter ended June 30, 2026 (SEC filing). The same filing says $42.5 billion of its $103.7 billion revenue backlog is expected to be recognised in the 24 months to June 2028, by our arithmetic from its 41% figure.
CoreWeave reports third-quarter results on Tuesday, November 10. The 10-Q is the most recent filing that shows when its debt falls due and when its contracted revenue turns into sales.
Business Pill · Credit Spreads
An evergreen Business Engineer explainer on credit spreads. It teaches the general idea only and does not discuss CoreWeave’s filing.
The key insight: CoreWeave’s Form 10-Q for the quarter ended June 30, 2026 lists principal payments that add up to $15.0 billion from July 2026 through 2028, by our arithmetic, and $103.7 billion of remaining performance obligations, 41% of which it expects to recognise as revenue in the 24 months to June 2028.
The 10-Q gives future principal payments on total debt of $35.551 billion as of June 30, 2026: $4.413 billion for the rest of 2026, $6.184 billion in 2027 and $4.416 billion in 2028.
A further $2.421 billion is due in 2029 and $3.221 billion in 2030, with $14.896 billion due after 2030. The filing puts total indebtedness at $35.6 billion, with $10.0 billion undrawn across its revolving credit facility and three delayed-draw term loan (DDTL) facilities.
After the quarter, the filing says, CoreWeave signed a $2.6 billion DDTL 5.5 facility in August 2026 and drew $1.2 billion on its revolving credit facility.
CoreWeave’s $35.6 billion of debt principal by calendar year due, against its $103.7 billion backlog by recognition window, as of June 30, 2026, according to its Form 10-Q. Percentages are shares of each total; backlog dollar windows are our arithmetic from the filing’s 41% and 39% and the remaining 20%.
What the Debt Costs
Interest expense on debt was $558 million in the second quarter of 2026, against revenue of $2.575 billion, the filing shows. That figure is contractual interest of $592 million plus $45 million of amortised discounts and issuance costs, less $79 million of interest capitalised into construction.
The income statement line, interest expense net, was $640 million for the quarter, up from $267 million a year earlier.
The 10-Q lists effective interest rates by facility. DDTL 1.0, due March 2028, carries 15%; DDTL 2.0 carries 11%; DDTL 2.1, 3.0 and 5.0 carry 9%; and the non-recourse DDTL 4.0 carries 7%. The four dollar senior notes due 2030 to 2032 each carry 10%, the euro notes 9% and the two convertible notes 2%.
When the Backlog Becomes Revenue
The filing says CoreWeave had $103.7 billion of remaining performance obligations, the contracted revenue it has not yet delivered, at June 30, 2026. It expects 41% to be recognised over the 24 months ending June 30, 2028, 39% in months 25 to 48 and the rest in months 49 to 78.
By our arithmetic, that is about $42.5 billion in the first 24 months, $40.4 billion in the following 24 and $20.7 billion after that.
Our Numbers
By our arithmetic, the $15.0 billion of principal due from July 2026 through December 2028 equals about 35% of the $42.5 billion of backlog CoreWeave expects to recognise in the 24 months to June 2028. The windows do not match exactly: the debt schedule runs to December 2028, six months past the backlog window.
Counting only the $10.6 billion due by the end of 2027, the figure is about 25%. The $5.6 billion due in 2029 and 2030 equals about 14% of the $40.4 billion expected in months 25 to 48.
Second-quarter interest expense of $558 million was about 21.7% of revenue by our arithmetic, or 24.9% using the $640 million income-statement line. Weighting the filing’s rounded rates by balance, the six DDTL facilities average about 9.6% and the five non-convertible senior notes about 9.8%.
We compared CoreWeave’s revenue per megawatt with new deal prices (our piece), and its 2031 notes trading at 16.3% with Meta’s at 5.85% (our piece). Its shares fell with a six-company neocloud basket before results (our piece).
The Structural Read
As we read the filing, the timing question for Tuesday’s results is how much of the $42.5 billion near-term backlog, by our arithmetic, converts to revenue before the $10.6 billion of principal due by the end of 2027.
As we read the rate table, CoreWeave’s cheapest debt is its 2% convertible notes and its non-recourse DDTL 4.0 at 7%, while DDTL 1.0, due March 2028, carries the highest effective rate in the filing at 15%.
By our arithmetic, second-quarter interest expense of $558 million was about 21.7% of revenue, before the company’s own third-quarter figures.
CoreWeave Form 10-Q, quarter ended June 30, 2026
“We have a substantial amount of debt, which requires significant interest and principal payments”
Three Implications
FOR LENDERS The 10-Q lists $4.413 billion of principal due in the rest of 2026 and $6.184 billion in 2027.
FOR THE BACKLOG The filing expects 39% of the $103.7 billion backlog in months 25 to 48 and the rest in months 49 to 78.
FOR TUESDAY’S RESULTS The June figures predate the $2.6 billion DDTL 5.5 facility and the $1.2 billion revolver draw that the filing lists as August events.
The analysis says: “The job of any operator, investor, or builder is to know which layer they are operating inside and which layer the binding constraint is rotating toward next.”
As we read it, CoreWeave operates in the infrastructure layer, where the filing shows the build financed with debt that falls due before most of the backlog is recognised. The analysis does not discuss CoreWeave’s filing.
What Is Not Established
Backlog is revenue, not cash available for debt service: the filing’s figures do not show how much of each year’s recognised revenue is left after operating costs, capital spending and interest. The filing says remaining performance obligations are net of estimated variable consideration, such as potential future credits to customers and amounts that may not be recognised because of delivery delays.
The figures are as of June 30, 2026; third-quarter filings were not yet published when we wrote this, and the August DDTL 5.5 facility and revolver draw are not in the June table. Recent insider sales (our piece) and its letter to Texas’s governor-elect (our piece) are covered separately.
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CoreWeave’s June 10-Q lists $15.0 billion of debt principal due by the end of 2028 and $42.5 billion of backlog expected as revenue by June 2028, by our arithmetic. Interest expense was $558 million on $2.575 billion of revenue in the quarter, and its DDTL facilities carry effective rates from 7% to 15%.
A note on sourcing. All CoreWeave figures are from its Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 12, 2026. The backlog windows, ratios and weighted rates are our arithmetic from that filing; the filing rounds effective rates to whole percentages.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
